Nigerian stocks rally for second day to one-week high

Nigerian stocks rallied for a second day on Thursday to a one- week high as shares in the relatively liquid banking sector gained ahead of half-year earnings, traders said.

The index rose 1.4 percent by mid-day trades to cross 33,000 points, a level last seen last week, helped by gains in lenders, cement and food stocks.

Shares in chocolate maker Cadbury rose five percent. First Bank Holdings climbed 4.57 percent, energy firm Oando increased by 4.74 percent while Diamond Bank rose 4.17 percent.

Dangote Cement DANGCEM.LG, which accounts for a third of the market’s capitalisation, rose 2.5 percent.